Asia Pacific

In 2023, international events, coupled with initiatives by the government, have been allowing inbound tourism to witness healthy growth, which is ultimately expected to drive current value sales beyond the pre-pandemic level, seen in 2019. Inbound…

In 2023, tourism flows are expected to show a significant increase compared to 2022. This has already been seen in the first quarter of 2023. Malaysia, Australia, Singapore, Timor Leste and India were still the countries that made the largest…

Lagging slightly behind many other countries globally, Japan finally eased its various regulations around COVID-19 in 2023. This has been very significant for the travel industry, not only in terms of deregulation, but also in terms of changes in…

After surpassing the initial target for tourist arrivals in 2022, Malaysia is projected to continue on the path to recovery in 2023, albeit the number of inbound arrivals is expected to remain well below pre-pandemic levels, in terms of number of…

While the tourism industry in Asia Pacific was experiencing a slow recovery during the early stages of reopening, Singapore managed to stay ahead. In fact, Singapore welcomed travellers who were completely vaccinated when its border reopened in April…

In 2022, travel restrictions that the Korean government had introduced as part of pandemic measures were eased for both inbound and outbound travellers in stages, while most countries had removed their stringent travel restrictions due to the waning…

Following the lifting of all COVID-19-related entry restrictions in October 2022, the volume of inbound arrivals to Taiwan in 2023 dramatically increased. The government also resumed visa-free travel for citizens of major countries within Europe,…

The volume of inbound arrivals increased for the second consecutive year in 2023, following the lifting of all remaining COVID-19 related entry restrictions in October 2022. The return of tourists from other countries in Asia-Pacific, notably China,…

Inbound arrivals (in terms of number of trips) continued to recover in 2023, having recorded triple-digit growth over the previous year. This followed the easing of all remaining international travel restrictions, including COVID-19 test…

Tourism flows are rebounding strongly in 2023, however some challenges remain to limit the growth of inbound tourism. Namely, short visa duration periods are one of the significant factors limiting flows into Vietnam. Although the country reopened…

Following the decline during the pandemic and lockdown period in 2022, a current value resurgence was witnessed for toys and games in China in 2023, with growth for both traditional toys and games and video games. The lifting of lockdown policies…

Toys and games in Hong Kong recorded low current value growth in 2023, fuelled by the challenges from the global economic situation as well as local consumers spending elsewhere. Traditional toys and games, in particular, experienced a notable…

Toys and games in India witnessed strong positive current value growth in 2023. After three years of decline, traditional toys and games experienced a strong rebound as the supply situation improved, and major players such as Mattel and Hasbro…

The market for toys and games in Indonesia saw mid-single digit growth in current value terms in 2023, a slight improvement over the previous year. Sales were impacted by inflationary pressures, mainly due to higher food and energy costs. While the…

Toys and games in Japan saw low current value growth in 2023, with increases for both traditional toys and games and video games. In traditional toys and games, games and puzzles continued to be the largest category. It accounted for less than a…

The toys and games market witnessed current value growth in Malaysia in 2023. Construction and action figures were the two largest categories in traditional toys and games, with action figures proving to be a key growth driver during the year. IP…

Toys and games in Singapore saw solid current value growth in 2023, with increases for both traditional toys and games and video games. Toys and games has a dynamic landscape, being shaped by evolving consumer preferences, technological advances, and…

After many years of growth, in 2023 toys and games in South Korea witnessed a notable current value decline, with traditional toys and games seeing only a slight fall in sales, and video games a stronger decrease. Toys and games witnessed a decrease…

Toys and games in Taiwan witnessed a slower increase in retail current value sales in 2023, compared to 2022. This was the first full year without COVID-19 restrictions, as Taiwan reopened its national border near the end of 2022. Many consumers…

Toys and games in Thailand experienced a slowdown in retail value growth in 2023, amid factors like a gradually slowing birth rate and falling 0-14-year-old population and economic pressures in an inflationary climate. Video games continued to…

Toys and games in the Philippines saw steady growth in current value terms in 2023, albeit growth was more stable compared to the dynamism of the previous two years. Several factors shaped consumer purchasing behaviour and market trends in 2023.…

In 2023, following the post-COVID-19 reopening, traditional and connected watches in China began to gradually recover, particularly after travel and health restrictions were lifted. After seeing a strong decline in 2022, the category is set to see…

The rebound in sales of traditional and connected watches in Hong Kong has been driven by the resumption of tourists and increased foot traffic among domestic consumers. Within watches, the higher price tiers experienced a significant rebound in…

In 2023, traditional and connected watches maintained significant current value growth in India, although connected watches surged ahead of traditional watches in terms of growth; a trend attributed to the increasing emphasis on fitness and health in…

Traditional and connected watches registered relatively modest growth in constant value terms in 2023, when compared to the previous year. This was due to the declining fortunes of quartz analogue watches, which represented the largest category in…

Increasing unit prices has been a decades-long trend in traditional watches. Especially after the COVID-19 pandemic, unit prices rose by over 10% YoY from 2020 to 2022. The last decade also saw numerous years of volume decline. A main reason behind…

Basic and mid-range traditional watches saw slower growth in retail volume terms in 2023 after seeing dynamic double-digit growth in 2022. The target audience for these products are generally more price-sensitive and they were impacted significantly…

Traditional watches in Singapore is set to achieve slower growth in 2023 compared with 2022, although the category is expected to continue to register solid growth in retail current value terms and lower but steady growth in retail volume terms.…

While in 2022 sales of traditional watches posted strong double-digit current value growth, driven by consumers’ high demand for luxury goods, 2023 is set to witness a strong slowdown in growth, as the unstable global political and economic…

There has been a noted revival of classic watches in Taiwan, with a renewed appreciation for traditional, mechanical watches. This is aiding sales of quartz analogue devices, with mid and high quartz analogue watches recording positive retail volume…

The uncertain economic conditions in Thailand are expected to lead to slower retail volume and current value growth rates for traditional and connected watches in 2023, as consumers have battled inflationary rises in the cost of living and cost of…

As sales of second-hand watches from top luxury brands have been booming due to the previous supply chain issues and closure of manufacturing facilities, major luxury watch brands have created programmes in 2023 to support and acknowledge the growth…

After a year of decline due to the pandemic in 2022, traditional toys and games in China saw a rebound to growth in current value terms in 2023. Dolls and accessories experienced a relatively high value growth rate in 2023, in the high single digits.…

The popularity of scientific/educational toys in Hong Kong continued to grow in 2023. These types of toys are designed to be both educational and entertaining, and encompass a broad range of academic topics. They have proven popular with families…

Traditional toys and games in India returned to growth in 2023. In the previous year, the category was plagued by import restrictions and strict BIS certification standards, which made it difficult for many leading toy manufacturers to import…

The market for traditional toys and games in Indonesia registered a weak performance in current value terms in 2023, when compared to the previous year. Sales were impacted by inflationary pressures, mainly due to higher food and energy costs. While…

Traditional toys and games in Japan maintained dynamic current value growth in 2023. There were several trends that shaped this category; amongst them, purchases by adults continued to be a major growth driver and had a wide-ranging impact. These…

Overall, traditional toys and games saw current value growth in Malaysia in 2023. IP was a key driver of demand in action figures, dolls and accessories, and construction in 2023, with several movies, including The Super Mario Bros Movie, Guardian of…

Traditional toys and games in Singapore saw slow current value growth in 2023, maintaining the trend seen for a number of years, with low increases across all categories. In terms of the distribution of such products, traditional toys and games…

After seeing a fairly steep decline in 2022, traditional toys and games in South Korea saw a further small fall in sales in current value terms in 2023. Only half the categories within traditional toys and games showed growth in 2023, with just four…

Traditional toys and games in Taiwan registered modest retail current value growth in 2023, the market’s first full year without COVID-19 restrictions as the national border reopened near the end of 2022. Many consumers resumed travel and out-of-home…

Traditional toys and games in Thailand saw a slight increase in retail current value sales in 2023, although this equated to a marginal drop overall at constant 2023 prices. This reflected the tendency of new generations of younger consumers to seek…

2023 was a tough year for sales of traditional toys and games in the Philippines with elevated inflation and a sharp rise in the cost of living forcing many households to exercise greater caution in their discretionary spending. Despite these…

Travel sales in China are set to strongly rebound in 2023, following the lifting of COVID-19 restrictions in the country and the reopening of the border to inbound arrivals. In terms of domestic tourism, volume is predicted to recover faster than…

2023 is the year that travel in Hong Kong is set to start to see significant recovery from the pandemic. The Hong Kong government gradually released COVID-19-related restrictions from the last quarter of 2022, and started to welcome visitors from…

In 2023, inbound travel to India is set to see robust growth on the back of international events, coupled with government initiatives. Global political gatherings such as the G20 summit, and the hosting of international sporting events have helped…

The Indonesian travel industry is showing significant expansion in 2023. The main reason behind this growth is the revocation of the PPKM (Community Activities Restrictions Enforcement) policy at the end of 2022, which has resulted in much greater…

Japan finally eased its various regulations around COVID-19 in 2023. This has had a significant impact on the travel industry in 2023, not only in terms of deregulation, but also in terms of changes in consumers’ perception of and behaviour towards…

Travel in Malaysia continues on a strong path to recovery boosted by the end of the pandemic and a strong desire to travel again. There has been a significant increase in international travel thanks to the lifting of restrictions and COVID-19 related…

Singapore continues to recover strongly in 2023. While the travel and tourism industry in Asia Pacific experienced a slow recovery during the early stages of reopening, Singapore has managed to stay ahead. However, the primary inbound source markets,…